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Breaking: Nigerian Banks Stop ATM Cash Withdrawal Abroad

Breaking: Nigerian Banks Stop ATM Cash Withdrawal Abroad

Many Nigerian Banks has barred their customers from making cash withdrawals using debit and credit cards whenever they travel abroad.

The development may put business and leisure travellers, who may need hard currencies to meet some obligations abroad, in a difficult situation.

Also, students who are studying abroad and often rely on withdrawing hard currencies with their Nigerian payment cards from Automatic Teller Machines abroad to meet certain needs may find the situation challenging.

It is believed that the naira volatility of the past year made many of the Nigerian banks to get their fingers burnt and the fear of losing heavily to possible future currency volatility was making them to exercise restraint in reactivating overseas ATM withdrawal services for their customers.

A banker who anonymously spoke on the issue said,

“Each bank has various reasons for not yet activating their overseas ATM cash withdrawal service. For some banks, they ran into losses last year when the naira fell and, as such, they are trying to minimise their risks now.

“For such banks, there is no plan to reactivate it. Some others banks are not ready to reactivate the service because they are trying to check customers who are doing round-tripping. It is for various reasons that the banks are not stopping yet.”

While most of the banks allows customers to use their payment cards to do Point of Sale and web transactions overseas, a number of them had suspended their ATM cash withdrawals without indicating when they would resume.

Some of the banks that has suspended their ATM cash withdrawal services abroad includes Guaranty Trust Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank and Standard Chartered Bank Nigeria.

Some of the banks that have resumed full services in these area include United Bank for Africa Plc and First Bank of Nigeria Limited. Similarly, Zenith Bank Plc, Ecobank Nigeria and Skye Bank Plc have announced that their customers can do the ATM cash withdrawal, the PoS and web transactions.

But some of the banks, which have yet to resume full services, claimed that the regulator was not giving them approval to do so.

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Zambia Deports Zodwa Wabantu for not Putting on Her Panties

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Zambia Deports Zodwa Wabantu for not Putting on Her Panties

Zambia Deports Zodwa Wabantu for not Putting on Her Panties

Zambian immigration authorities on Saturday deported soutry South African dancer Zodwa Wabantu.

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Zodwa was billed to perform at an album launch later on Saturday evening, but was sent back when she landed in the morning at the Kenneth Kaunda international airport.

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Immigration department officials were not reachable on their phones for comment.

Zambia Deports Zodwa Wabantu for not Putting on Her Panties

Zambia’s religious affairs minister Godfridah Sumaili told AFP last week that Zodwa would not be allowed to perform in the country.

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Olamide proposes to his Baby Mama on her Birthday

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